Legacy.cuna.org



APR 2005

1 A consumer loan is made to purchase material goods and services (i.e. cars,

boats, vacations, etc.)

Relates to: CONSUMER LOANS

True

False

2 What are some of the benefits of a Consolidation Loan?

Relates to: LOAN CONSOLIDATION

Convenient to pay because of consolidating multiple payments into one payment

Saves money by possibly reducing the interest rate and/or monthly payment amount

The available Credit Life and Credit Disability insurance provides peace of mind

All of the above are benefits of a Consolidation Loan

3 Credit Disability Insurance pays off the loan in the event of the member's death

Relates to: CREDIT LIFE AND CREDIT DISABILITY INSURANCE

True

False

4 The Credit Union's loan rates should be quoted as follows: 'Our rate is as low as

____ APR, with approved credit.'

Relates to: CONSUMER LOANS

True

False

5 Credit Disability is designed to make the member's loan payments in the event of

a covered sickness or accident.

Relates to: CREDIT LIFE AND CREDIT DISABILITY INSURANCE

True

False

6 Credit Life and/or Credit Disability Insurance are mandatory and are required to be

approved for a loan.

Relates to: CREDIT LIFE AND CREDIT DISABILITY INSURANCE

True

False

Wednesday, July 27, 2005 Page 1 of 4

7 Members can apply for a loan in the following ways:

Relates to: CONSUMER LOANS

Bartlesville Offices (Downtown and Stonegate)

Houston Office

Springdale and Lawrence Offices

Call the Credit Union during regular business hours

Through our Credit Union web sites

All of the Above

8 Consumer loans at the Credit Union are simple interest loans with no pre-

Relates to: CONSUMER LOANS

True

False

9 Lien releases are immediately available to members who pay off loans with cash

or cashiers check.

Relates to: CONSUMER LOANS

True

False

10 What are some benefits of Credit Life and Credit Disability Insurance?

Relates to: CREDIT LIFE AND CREDIT DISABILITY INSURANCE

Peace of mind knowing that you will not be burdened with loan payments during a stressful time

Convenient and simple to enroll

Both of the above are benefits

11 All of the following are benefits of Mechanical Repair Coverage (MRC) except:

Relates to: Warranties

Rental car and towing reimbursement

Three (3) levels of coverage to choose from to meet a member's particular needs

Each MRC comes with a free giveaway item at sign up

Eliminates high cost of future mechanical repairs

12 How are consumer loan payments made by members?

Relates to: CONSUMER LOANS

In equal monthly, semi-monthly or one lump sum payment of interest and principal

Every other month

Every six months

Both A & B

Wednesday, July 27, 2005 Page 2 of 4

13 What are some benefits of a consumer loan at our Credit Union?

Relates to: CONSUMER LOANS

Saves the member money because of the low interest rates

Various repayment options make it convenient for the member

Internet application and information saves members time

All of the above

14 What is a Line of Credit Loan?

Relates to: LINE OF CREDIT

An unsecured loan (generally)

A simple interest loan

Has a variable interest rate

All of the above

15 Members with loans at other financial institutions can refinance those loans with

our Credit Union if they meet lending guidelines.

Relates to: CONSUMER LOANS

True

False

16 What are some of the ways a Line of Credit Loan can be accessed?

Relates to: LINE OF CREDIT

In person

Transfer by Touch Tone Teller

Calling the Credit Union during regular business hours

All of the above

17 The cost of Mechanical Repair Coverage can be included in the financing of

Relates to: Warranties

True

False

18 One of the best reasons for a member to have a Line of Credit Loan is:

Relates to: LINE OF CREDIT

Gives the member prestige among his/her peers

Offers overdraft protection to the share draft (checking) account

Gives the employee a better sales/referral ratio

Wednesday, July 27, 2005 Page 3 of 4

19 The primary account statement reports the status of all loans as of the last day of

Relates to: CONSUMER LOANS

True

False

20 The amount of money available to a member on their Line of Credit Loan is:

Relates to: LINE OF CREDIT

$100 minimum at a time

$500 increments only

The predetermined line of credit limit less any funds already borrowed against the line of credit

The balance on their statement as of the last day of the month

Wednesday, July 27, 2005 Page 4 of 4

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